All Forum Posts by: Justin Dziedzic

Hi all, 

First, I want to thank this community and everything y'all have done for folks such as myself who have just closed on their first deal. I purchased from a family member who will be moving out by June. The issue is, I have a bit of rehab to do to get it ready, as she was a heavy smoker. I purchased an ozone machine, will be redoing the carpet, painting with Kilz primer, etc. Anything else anyone can think of from that perspective to get rid of smoke odor? 

My next question is in terms of liability - specific to PA. The home is located in a flood plain, albeit the very, tippy top edge of it, and has never flooded in its lifetime, however it still required flood insurance. I was able to get private insurance at only $700 per year so even with that expense the property will cash flow nicely. My question is if anyone knows that this has to be disclosed to the renter? Are they required to carry their own renter/flood insurance in PA? I couldn't find this info. 

 Thank you!

Hey all, I close on my first deal this Friday and I can thank you all for the guidance and encouragement that you have provided me for helping out the process. 

That said, I'll explain my situation and why I'm asking the best timing in when to list the rental. The current owner will be vacating end of May and I would like to have a tenant in by July. The issue is that the current owner is a smoker and smokes inside the residence. So, when she moves out, I will be ripping out the carpets, painting with odor block primer, and ozone-ing the whole property. My question is would you list now so as to line up a good candidate pool, or would you wait until it is show ready without the odor, ideally mid-June?

 Fantastic also, thank you!! 

 This is fantastic, thanks Larry! Pretty much exactly what I needed to hear. I'll check out the BP leases! 

Thank you so much again. 

So as the title states, I just landed my first deal. 120k property, appraised for 128k and I will be adding new carpets, paint etc - just some light rehab. Mortgage, taxes, ins, etc will be about 1k (requires flood insurance) and market rent is about 1400-1600. So, on paper, it will cash flow fairly nicely. The only larger CapX that is potential is a new roof within the next 5 years - everything else is less than 3 years old, windows, electrical, furnace, hot water heater. 

Of course, as per usual, I am getting all of the negativity from the peanut galleries about lawsuits, etc. So my questions are:

- I have umbrella insurance through my home owners insurance that will cover up to 500k liability, those more experienced, is this enough? Being that it is in my name and not an LLC, I am concerned about that

- What do you use for leases, etc to ensure that you're covered? I know there are some here, wondering if anyone can point to a template for me? 

Being that I'm about to drop almost $40k on this, I'm having a lot of analysis paralysis and second thoughts haha. I appreciate any assistance! 

Hey guys, sorry for the newb question; I am finalizing my first deal at the moment and just found out that the property will require flood insurance at an additional 1k per year which isn't a deal breaker, but an obvious deterrent with cutting almost $100 per month into my cash flow. BUT my question is how can I be sure of the potential rent listing price? I have used Rentometer, but what is throwing me of is that it's a very fine line between 2 and 3 bedrooms. The property is listed as a 3, however the 3rd is the attic which has about a 4' ceiling so I'm not sure if that can be counted as such? Can anyone help me out with some guidance if I gave the address? 

 Yea this was my fear also. If I am required to notify them, or if they are required to add additional insurance, it will be more difficult to get tenants is my thought. I'll dig into this, thanks!

Hey all, I just found out that my deal is located in flood zone (the yard and parking in the 1% zone, the home itself in the .5%). Aside from the obvious of accounting for added insurance costs, can anyone with experience tell me if this has affected their being able to successfully rent out the home? Anything else to look out for? Appreciate it as always. 

Thanks Eliott, no HOA so seems fairly straightforward. Appreciate it!